Musk offers to complete the Twitter acquisition at the original price

• Tesla CEO Elon Musk has reportedly volunteered to proceed with Twitter purchase.
• Twitter received a letter from Musk promising to honour the takeover price.
• He is suing the company for breach of contract and other charges.

Just weeks before the start of a bitter legal dispute over his attempt to back out of the transaction, Elon Musk reportedly volunteered to proceed with the purchase of Twitter at the original agreed-upon amount.

According to sources, the social network Twitter received a letter from the richest man in the world promising to honour the takeover price of $54.20 per share, sparking a rise in the share price and the suspension of trading.

Less than two weeks remain before the commencement of the high-stakes trial Twitter initiated in an effort to hold the Tesla CEO to the $44 billion bargain he signed in April. This latest development in the protracted buyout saga comes just before the trial’s opening.

Later this week, Musk was scheduled to testify under oath before Twitter’s attorneys in order to prepare for the trial.

Musk, a wealthy serial entrepreneur who became famous for his electric vehicle company Tesla, started to back out of the Twitter agreement shortly after it was finalized.

He claimed in a letter in July that he was cancelling the purchase because Twitter had deceived him about the amount of false “bot” accounts, claims that the business has refuted.

Twitter, on the other hand, has been looking for evidence or testimony to show Musk is inventing justifications to leave because he changed his mind.

A Delaware judge agreed in July to expedite the trial on Twitter’s claims, which the business claimed were hindering its ability to make money.

According to Wedbush analyst Dan Ives, Musk’s apparent flip demonstrates that he understood the likelihood of a legal victory was “very unlikely” and that the $44 billion deal would be done nonetheless.

Following a news channel story on a potential fresh acquisition offer, the New York Stock Exchange paused trading in Twitter shares, which were then up 12.7% at $47.95.

According to the lawsuit against him, Musk made his unsolicited proposal to purchase Twitter without requesting estimates for spam or phoney accounts and even sweetened his offer to the board by removing a diligence requirement.

Musk’s pursuit of Twitter shocked many investors. He is viewed by his supporters as an iconoclastic genius and by his detractors as an irrational megalomaniac.

Since the takeover attempt became known, his potential leadership of the social media platform has encountered a number of roadblocks. This has caused activists to express concern about the lifting of the Donald Trump ban as well as the possibility that the new owner will allow offensive and misleading posts.

Musk, who considers himself a supporter for free expression, stated that he supported lifting the restriction on Trump, who was removed off the platform in January 2021 shortly after his attempts to reverse his electoral setback resulted in the attack on the US Capitol on January 6.

Observers of the CEO of Tesla and SpaceX, Elon Musk, have grown accustomed to his norm-defying behavior after years of hearing him make statements that challenge or defy convention and occasionally result in regulatory action.

Just on Monday, he got into a Twitter argument with the president of Ukraine, Volodymyr Zelensky, over how to stop Russia’s invasion.

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